September 9, 2023, marked the celebration of World EV Day, a global event that brought together companies, policymakers, individuals, and environmental enthusiasts to rally behind a common mission: combating climate change by promoting cleaner air, reducing emissions, and fostering a more sustainable future. This day resonated with people from all walks of life, spanning from ordinary citizens to corporate giants and climate activists, shining a spotlight on the worldwide electric mobility movement.
Transport Sector’s Alarming Environmental Impact
According to the UN Environment Programme, the transport sector has emerged as the fastest-growing contributor to greenhouse gas emissions, poised to account for more than 30% of total emissions in the future. It also stands as a significant source of short-lived climate pollutants and air pollution. This critical sector is projected to double the global vehicle fleet by 2050, with over 90% of this expansion anticipated in low and middle-income countries.
India’s Thriving Electric Mobility Ecosystem
India has set ambitious targets to make electric vehicles (EVs) comprise 30% of its mobility landscape by 2030, spurred by initiatives like the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme, state subsidies, and a growing array of EV options across vehicle categories. This five-year scheme, with a budgetary allocation of Rs 10,000 crore, focuses primarily on supporting the electrification of public and shared transportation, including electric buses, three-wheelers, passenger vehicles, and two-wheelers, while also bolstering EV charging infrastructure.
Mr Dinesh Arjun- CEO and Co founder of Raptee said, “With increasing government support and falling battery costs, electric vehicles are becoming more affordable and accessible. By 2030, EVs are expected to account for 20-30% of all new car sales globally. This will have a major impact on the environment, as EVs produce zero emissions. It will also create new jobs in the EV manufacturing and charging infrastructure sectors.”
Unprecedented Growth in EV Sales
In a testament to the rapid growth of India’s electric vehicle market, the nation witnessed a remarkable surge in EV sales. Initially, the first 900,000 EV units took eight years to reach consumers. However, the following 2 million units were sold in just two years, and the most recent million EV sales occurred within a mere nine months. In 2022 alone, EV sales surpassed one million units in a calendar year, and as of September 9, 2023, India is on the cusp of hitting the million-unit milestone again, with projections hinting at an estimated 1.4 million units for the entire year.
Dr Prabhjot Kaur- Co founder of Esmito said, “For over a century we have been using ICE engines which were driven on diesel and petrol fuel. Electrification of auto sector has brought in a ray of hope for faster shift to cleaner transportation as a result of huge tech-enabled transformations happening across the globe. The mankind is going to see interesting varieties of vehicles. With EVs essentially being operated as computers on wheels, there is large room for innovations and soft attractive features which are bound to raise the transportation expectation beyond the conventional ones that we see now around us. This EV day, we should all be hoping for a great green future ahead and not only transportation, EVs have set an example for other sectors as well for a possibility of quicker transition towards greener alternatives.”
Consistent Growth in EV Sales
India’s electric vehicle industry achieved a significant milestone by surpassing 100,000-unit sales for 12 consecutive months, beginning in October 2022. This impressive sales momentum continued throughout the months, maintaining strong double-digit growth. Despite reduced FAME subsidies for e2Ws from June, the market demonstrated resilience, bouncing back even as EV prices increased.
Diverse Market Segments
Electric two-wheelers and three-wheelers emerge as the driving forces behind India’s electric mobility revolution, commanding 57.4% and 37.11% of the total EV sales, respectively. While electric cars and SUVs accounted for a 4.49% share with 54,750 units sold, commercial vehicles, including goods carriers and buses, contributed 0.32% to the India EV landscape.
Factors Fueling EV Growth
The thriving EV industry in India can be attributed to several factors, including an expanding product range, soaring petrol, diesel, and CNG prices, state subsidies, and incentives offered under FAME II. Rising consumer awareness regarding eco-friendly transportation options, coupled with the cost-effectiveness of EV ownership in the long run, plays a pivotal role.
Future Challenges and Optimism
Despite the phenomenal growth, challenges remain, such as the need for enhanced charging infrastructure and the initially high cost of EVs, primarily linked to battery expenses. Nonetheless, manufacturers are concentrating on localization to cut costs, while battery prices are expected to decrease gradually. This optimistic outlook signals a promising future for eco-friendly mobility in India.
As World EV Day 2023 comes to a close, India’s electrifying journey towards a cleaner, sustainable future continues, demonstrating the nation’s commitment to combating climate change and embracing the electric mobility revolution.
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